eToro: How to Copy Transactions, Communicate with Traders and Earn Money

Posted on March 27, 2017August 22, 2017

The eToro service is the largest platform in the investing world. What makes it different from others? One can trade here not only currency but raw materials, CFD, indices as well. It is also a social network for traders. Trade and communicate, provide signals and share news, subscribe to the traders and impart your own experience.

A brief summary on the eToro service

Developer: Yoni Assia, Ronen Assia, David Ring.Service commission: eToro does not charge a commission. Service gets a part of the spread of the traders’ transactions.Systems for funds withdrawal: credit card, PayPal, Skrill, Webmoney, Neteller, bank transfer.Brokers providing Signal Trader: the service doesn’t cooperate with brokers, it is an independent system.

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General information on the service and its working principle

eToro is a system that combines the functions of a social trading network and investment platform. The idea of the eToro founders was to bring to life an open global network for traders with a wide range of opportunities. It is a broker, who allows not only to trade on the Forex market but also to copy the transactions of experienced traders, to learn how to trade, to communicate with other traders.

Here a newcomer can find a lot of articles on Forex trading, training materials, webinars, and even a blog where eToro traders share their experience. The newcomer can not only copy the transactions of some trader but also watch his trading. To do this one should subscribe to the trader as, for example, to any community in a social network.

What do you need to know about eToro?

How to start using eToro

Registration on eToro is simple. To get registered, follow our guide correctly:

In the appeared form fill in all required fields, enter only accurate information, check that you agree to the terms of service and click the “Join Now” button.

Then eToro OpenBook opens – a social network for traders, created by eToro developers. Here traders share their experience, subscribe to other traders or try to get own subscribers. You see a table of trading instruments. If it’s not enough for you, you can add some tool by pressing “Add Markets” and then select the desired one.

To start trading or copy transaction, deposit your account.

Select a trader for automated trading. Go to the “Copy People” tab in your profile panel.

Customize search using filters. Since we are interested only in the Forex market, in the “Who invest in” field select “Currencies”. Click “Go”.

The service selects the most suitable candidates according to the filters. Choose the trader whose transactions you want to copy. Look at his profile by clicking on his name. Click “+” if you want to subscribe to this trader and monitor his activities and news. If you want to copy his transactions, click on “Copy”.

Enter the amount of money for copying. Click the “Copy” button.

Now the trader’s transactions are being copied in your account. To see the results of copying and adjust the process, go to “Portfolio”. You can close or stop copying a certain transaction.

As in social networks for communication, eToro has a news feed, where traders impart their experience, observations, and advice. Here you can like, comment the record and share it with your subscribers if you have them.

How to become a trader and transmit the signals

To become a signals provider you need to start by yourself. Go to the platform eToro Old Webtrader.

Log in to the platform under your name.

Now you see an online trading platform. At the top, all trading tools with Bid and Ask prices are displayed. Below you see your open positions and positions of traders, whose signals you are copying. Trading History and current news are also displayed here.

To open a trade, click on the Bid or Ask price, in the appeared window specify the level of risk, stop loss, take profit, then click “Open Trade”. The new position is displayed at your platform, where you can adjust or close it.

Make transactions, gain experience and subscribers, share news, and then you will have followers who will copy your signals. In order to benefit from eToro as a signals provider, you need to join the Popular Investor Program. According to the program, if at least 50 traders copy your transactions, you will receive $ 350 per month.

Pros and cons of eToro

eToro advantages:

The only disadvantage of the service is high Forex risks. Unfortunately, no one is safe from losses, as the Forex market is unpredictable. So invest as much money as you can let go in case of failure.

Frequently Asked Questions on the Service

How much time does the funds withdrawal take?

Up to 3 business days.

How much does the transactions copying cost?

The copying of other traders transactions is free of charge.

Do other users see a number of transactions that I carry out? And do they see the remaining balance on my account?

No. No one sees the number of transactions and the balance on your account. All personal data is not disclosed.

May I copy a few traders at the same time?

Yes. You can copy up to 20 traders simultaneously.

How is the ranking of traders being created?

The ratings are compiled on the basis of the total profit or share of profitable trades. The best traders are selected on the following criteria:

the minimum number of positions, open or closed, for a specific period of time;

the proportion of successful transactions during a certain period of time;

the number of days / weeks, during which the investor is active (has at least one open position);